Exhibit 99.1
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Company Contact:
Bill Willett
Programmer's Paradise, Inc.
Chairman and Chief Executive Officer
(732)-389-8950
bill.willett@programmers.com
PROGRAMMER'S PARADISE, INC. REPORTS 2004 SECOND QUARTER
FINANCIAL RESULTS
NET SALES INCREASE 56%
EARNINGS PER SHARE OF $.14
SHREWSBURY, NJ, July 29, 2004 - Programmer's Paradise, Inc. (NASDAQ: PROG)
today reported financial results for the second quarter ended June 30, 2004. The
results will be discussed in a conference call to be held on Friday, July 30,
2004 at 10:00 AM Eastern time. The dial-in telephone number is (866) 804-3550
and the pass code is "PROG".
Revenue for the quarter ended June 30, 2004 was $25.1 million compared with
$16.1 million for the quarter ended June 30, 2003.
Bill Willett, Chairman and Chief Executive Officer, stated, "This increase in
the second quarter of 56% over the same period in 2003 is the result of improved
account executive productivity driven by a favorable IT spending environment and
our continued focus on excellence in customer service".
Earnings per share for the quarter were $.14 compared with earnings per share of
$.05 for the same quarter of 2003.
Programmer's Paradise, Inc. is a marketer of technical software and hardware for
microcomputers, servers and networks in the United States and Canada.
Programmer's Paradise offers a wide variety of technical and general business
application software, PC hardware and components from a broad range of
publishers and manufacturers. Additional information can be found by visiting
www.programmersparadise.com.
Contact Programmer's Paradise, Inc. via Bill Willett, CEO of Programmer's
Paradise, Inc. at (732) 389-8950 or bill.willett@programmers.com.
The statements in this release concerning the Company's future prospects are
forward-looking statements that involve certain risks and uncertainties. Such
risks and uncertainties include the continued acceptance of the Company's
distribution channel by vendors and customers, the timely availability and
acceptance of new products, and contribution of key vendor relationships and
support programs.
- Tables Follow -
PART I - FINANCIAL INFORMATION
PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, December 31,
2004 2003
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(Unaudited) (Audited)
ASSETS
Current assets
Cash and cash equivalents $ 3,169 $ 5,878
Marketable Securities 7,508 5,033
Accounts receivable, net 10,379 7,783
Inventory - finished goods 1,507 1,119
Prepaid expenses and other current assets 544 333
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Total current assets 23,107 20,146
Equipment and leasehold improvements, net 252 292
Other assets 51 51
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Total assets $ 23,410 $ 20,489
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $ 11,538 $ 8,919
Dividend payable 421 375
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Total current liabilities 11,959 9,294
Commitments and contingencies
Stockholders' equity
Common stock, $.01 par value; authorized, 10,000,000 shares;
issued 5,284,500 shares 53 53
Additional paid-in capital 33,296 34,099
Treasury stock, at cost, 1,453,715 shares and 1,533,970 shares,
respectively (4,230) (4,490)
Retained earnings (17,660) (18,545)
Accumulated other comprehensive income (loss) (8) 78
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Total stockholders' equity 11,451 11,195
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Total liabilities and stockholders' equity $ 23,410 $ 20,489
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PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited)
(In thousands, except per share data)
Six months ended Three months ended
June 30, June 30,
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2004 2003 2004 2003
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Net sales $ 45,772 $ 31,249 $ 25,093 $ 16,051
Cost of sales 40,103 27,138 22,025 13,928
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Gross profit 5,669 4,111 3,068 2,123
Selling, general and administrative expenses 4,753 3,939 2,531 1,961
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Income from operations 916 172 537 162
Interest income, net 54 50 15 19
Realized foreign exchange gain/(loss) (27) 80 (6) 58
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Income before income tax provision 943 302 546 239
Provision for income taxes 58 58 23 36
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Net income $ 885 $ 244 $ 523 $ 203
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Net income per common share - Basic $ 0.23 $ 0.07 $ 0.14 $ 0.05
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Net income per common share - Diluted $ 0.22 $ 0.06 $ 0.13 $ 0.05
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Weighted average common shares outstanding- 3,812 3,736 3,827 3,727
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Basic
Weighted average common shares outstanding- 4,103 3,802 4,118 3,792
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Diluted
Reconciliation to comprehensive income:
Net Income $ 885 $ 244 $ 523 $ 203
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Other comprehensive income(loss), net of tax:
Unrealized gain (loss) on marketable securities (36) 14 (46) 19
Foreign currency translation adjustments (50) 210 (12) 86
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Total comprehensive income $ 799 $ 468 $ 465 $ 308
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